GIC Housing Finance reports net profit of Rs 51 crore in Q4

Government-owned GIC Housing Finance has registered a net profit of Rs 50.99 crore for the quarter ending March 31.For the entire fiscal 2018-19, the company clocked a net profit of Rs 171.85 crore. "There is a reduction in profit compared to previous fiscal, which was due to conscious call taken by the company to go slow on disbursements," it said."We had taken a conscious call to go slow on disbursement because of tough market condition as a fallout of IL & FS episode," said Managing Director and Chief Executive Officer Neera Saxena. "We had gone for good asset quality and concentration was on the salaried segment."Saxena said the borrowing costs also went up from 7.82 per cent in the previous fiscal to 8 per cent in the year under review due to tough market conditions.GIC Housing Finance took over house building as an advanced portfolio of one of its promoter company to the tune of Rs 144 crore during the fourth quarter.Loan disbursement for the year worked out to Rs 3,502 ...